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Gross Savings Rate in Hungary Below EU Average

• 8 Nov 2021 7:12 AM
• Hungary Around the Clock

The gross savings rate, the proportion of savings in relation to gross earnings, was 15.1% in Hungary in 2020, well below the EU average of 18.3%, leaving the country 18th among the EU27, Portfolio writes.

Switzerland topped the list with 27% and Greece was at the bottom with 2.6%. Hungary’s 15.1% rate was little changed from 2018 and 2019.

MNB data show that households’ savings in government bonds and in draft deposits stood at Ft 9.6 trillion and Ft 9.4 trillion, respectively, at the end of June.

Among securities, the five-year MÁP Plus government bond was the most popular investment. Hungarians also held Ft 6 trillion in cash.

The stock of government securities held by households has jumped tenfold since the end of 2008, Portfolio adds.

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